How To Attract Money Through Music in 2013
While students are earning degrees in music – spending thousands of dollars on their education and working hard to perfect their performance skills and music theory retention – the majority fail to learn how to make an actual living as a musician. If you’re in this boat, trust me – you are not alone! If you’re a seasoned professional, you’re probably just as baffled as to how to generate the kind of income necessary to continue a sustainable career in music. It won’t matter how you try to make money if you don’t have a solid foundation work from. Musicians need to start thinking like Entrepreneurs in order to make money with their music, so here are 5 powerful steps on how to attract money through music in 2013. BOOM!
1. Money Mindset. As musicians, we’re often less concerned with making millions because we “just want to play some good music, man!” Clearly, we all want to make money deep down, but many of us sell ourselves short without even realizing. The music industry is still heavy with uncertainty, and we’ve become pretty well conditioned to think that it’s impossible to make a living through music today. In order to start making money, you’ve got to start thinking like someone who makes money. This will likely require a MAJOR shift in your personal belief system – so start taking a good, hard look in the mirror! I’ve got the perfect cheat sheet to help you through the self-evaluation process called the EGO Boost Plan that you can download here for FREE. Once you’re ready and willing to break old patterns and subscribe to an exciting new money-making mindset, then you’ll be in business. At it’s core, the secret is to increase your perceived value. When you base your booking fees on what you feel you are worth vs. what you think is “affordable” for example, the dynamic changes. Don’t settle for less from the get-go – there is always room for negotiation. When you are perceived at a greater value, you are demanding greater respect – and more often than not, a much bigger pay day.
2. Establish Camaraderie. If you’re not yet already treating your fans like you would your friends, it’s time. Fans + Friends = Frans. (Thank you, I’ll be here all night). Your “frans” are essentially your super-fans. They are the lifeline of your music career – especially in today’s music business – so start treating them like family. Your “frans” will support everything you do so long as you stay in touch with them consistently and treat them with honesty and respect. No one likes to be sold to – and you wouldn’t constantly be selling to your friends – so don’t do it to your fans. Give you fans the opportunity to support you like any good “fran” would. Building a dedicated mailing list should be your number one priority to help sustain a healthy camaraderie with you and your fanbase. Remember that most people aren’t impulse buyers so ongoing mailing list newsletters with consistent offers and incentives are key to generating income from your “frans” when they are good and ready to buy from you. It’s not about selling, it’s about contributing quality content to the people who desire it. With this ongoing system in place, you will start generating steady income in ways that you may have not thought possible before.
3. Do The Math. Ariel Hyatt at Cyber PR argues that 1000 true fans (or “frans”) who are willing to pay you $100 over the course of a year on all things music-related amounts to $100,000 of annual income. That’s a pretty sweet pay day! I love this formula, because when you break things down it’s easy to implement ways of generating $100 from one “fran” over one year’s time. For example, that really only requires one crowd-funded album sale (advance pre-order) at $50, attendance at two shows at $15 a ticket ($30), and one t-shirt sale at $20 at one of the two shows they attended. That’s it! Another example is if you can get a “fran” to book you for a house concert or private concert for $200-500, that’s like 2-5 “frans” spending $100 on your music in a years time. The point is that folks who love your music will often spend even more than $100 a year if you give them enough ongoing incentive to. If you approach your career working backwards with money-making benchmarks like this, it’s much easier to figure out how to attain your goals and generate the money.
4. Crowd-Fund. While records labels traditionally relied on album sales to generate income and recoup album production costs, independent artists are going about things differently today. It’s difficult to make money through direct music sales anymore, so artists without labels are relying on their “frans” to crowd-fund their music. Popular crowd-funding platforms like Kickstarter and PledgeMusic take the opposite approach of selling the music to the public before it’s even produced, enabling independent artists to create, produce, and distribute said music to the masses. This is a true testament to who your “frans” really are, because it will be staggering what some folks are willing to contribute to your album campaign to support your ongoing success (and of course, to get new music from you)! The crowd-funding model also carries a great deal of potential beyond funding campaigns successfully. It can open new doors and create new exposure opportunities that set the stage for even more potential revenue streams, such as publicity coverage, licensing placements, and new fans and contributors.
5. Build Your Mini-Empire. What else are you passionate about or interested in learning? What other skills or strengths do you have that could generate additional income? What other ways can you start generating passive income? I’ll give another shout-out to my free EGO Boost Plan because it will help you pinpoint other desire actions you may not even be aware of that you can easily tap into. Start thinking outside the box here, and get creative in areas that there could be some crossover with your music. For example, instead of booking college gigs, try booking college “Keynote Concerts” that combine your music with educational lecture-style storytelling. Instead of working that day job that you hate, consider giving private music lessons so you can be your own boss and have more control over your schedule. There are infinite possibilities available here, and they all come down to what resonates most with your DNA – so what else do you have to contribute? You might just have a blast doing something new while making money, all in the name of supporting a thriving, well-rounded music career for yourself!
You’re a rock star.
Here’s to your creative genius!
-Gregory Douglass, The Creative Advisor
P.S. Want more power tips like this to help fast-track your music career? Sign up below for more free training and creative advice I only share through email…